The PM CARES Fund received nearly ₹480 crore in donations during the financial year 2024–25, marking a reported 592% increase over the previous year. However, the fund spent only around ₹87.85 lakh during the same period, according to its audited financial statements.
The expenditure was approximately 0.1% of the fund’s income for the year. The figures have renewed debate over the size of the fund’s corpus, its utilisation and the transparency of its financial operations.
Fund corpus reaches ₹8,452 crore
The total corpus of the PM CARES Fund stood at around ₹8,452 crore as of March 31, 2025. A significant portion of the money was kept in fixed deposits, generating substantial interest income.
The fund’s total income in 2024–25 was reported at approximately ₹1,279.9 crore. This included donations, interest earned on deposits and fixed deposits, and refunds received from agencies involved in implementing various projects.
Since its establishment in March 2020, the fund has spent less than one-fifth of the income it has received. Cumulative expenditure up to March 31, 2025, accounted for around 18.7% of its total income.
Donations increased from a low base
Although donations increased sharply in percentage terms during 2024–25, the rise came after a significant decline in the previous year. Domestic donations were reported at approximately ₹479 crore, while foreign contributions also remained relatively small.
The increase therefore reflects a recovery from a lower base rather than a return to the exceptional contribution levels recorded during the Covid-19 pandemic.
Questions over low utilisation
PM CARES was created in March 2020 to provide assistance during emergencies, including public-health crises, natural disasters and other situations causing distress. Its objectives include supporting healthcare infrastructure, medical research, relief operations and emergency response.
The fund’s low spending during 2024–25 has raised questions about why such a large amount remains unused when the fund was established primarily for emergency assistance. Critics have argued that a substantial corpus may be useful for future crises, but there should also be clear information about how spending priorities are decided.
The reported refund of around ₹324 crore by implementing agencies has also attracted attention. Questions remain about the agencies involved, the reasons for the refunds and whether the returned money was allocated for alternative relief or development projects.
Transparency remains a key concern
The audited statements for 2023–24 and 2024–25 were uploaded on August 18, 2026. The documents were made public after a delay, as annual financial disclosures had not been uploaded since 2022–23.
The delayed publication has led to renewed demands for detailed information about the fund’s donors, expenditure decisions, project approvals and refunds. Supporters of the fund maintain that it is a public charitable trust financed through voluntary contributions and does not receive direct budgetary support from the government.
The latest data shows that the PM CARES Fund remains financially strong, but its limited utilisation and delayed disclosures are likely to keep transparency and accountability at the centre of public discussion.
